Brent crude fell more than 3%

© RIA Novosti / Ilya Petliurite in photobacteria oil. Archival photoBrent crude fell more than 3%© RIA Novosti / Ilya Petliurite the image Bank

The price of Brent crude oil fell more than 3% on Wednesday evening, investors play a string of negative cost factors, including expectations of a recovery of production in Libya, the OPEC report, the global trading risks and the statistics from the United States, according to the auction.

As at 18.57 GMT the cost of the September futures for North sea petroleum mix of mark Brent has decreased on 3,23% — to 76,31 dollars per barrel, the August futures for WTI — by 2.47%, to 72,28 dollars per barrel.

Investors digested a number of negative factors that put pressure on oil prices. These include the news from Libya. On Wednesday, the national oil company of Libya (NOC) announced that it will resume production and export of oil from terminals in the East of the country within a few hours. Until the company has declared force majeure due to the blocking of shipment of raw materials to the four terminals, which caused market concerns on reduction of oil supplies from Libya.

Traders also react on data the July report. According to the document, the organization raised its forecast for oil production in the USA in 2018 at 20 thousand barrels per day — to 10.53 million barrels per day.

Global risks on trade between the United States and China also have a negative impact on the world auction. The Wall Street Journal on Wednesday reported that U.S. authorities are preparing to impose additional duties against Chinese exports to the country worth $ 200 billion. China in response said it intends to immediately appeal to the WTO with additional claim, if the US will do it.

Market participants also turned their attention to statistics from the US Department of energy for the week to 6 July, the Agency on Wednesday reported more significant in comparison with the expectations of growth of stocks of distillates — by 4.1 million barrels, or 3.5%, to 121,7 million barrels. Expected growth rate of 1.2 million barrels. The oil reserves decreased by 12.6 million barrels, or 3%, to 405,2 million barrels against the forecasted drop to 4.5 million. Oil production in the U.S. for the week remained unchanged at 10.9 million barrels per day.